AIM movers: Jade Road Investments, Bonhill, System1, Phoenix Global Resources, NetScientific

Asia-focused investment company Jade Road Investments (LON: JADE) is selling part of its stake in China-based wind turbine blade manufacturer Meize Energy Industries. Jade Road Investments has a 7.2% stake and will receive $1.2m in cash in three tranches, leaving it with a 6.3% stake valued at $10m. The company has already received $400,000 with the rest due for payment in July and August. The Jade Road Investments share price rose 13.6% to 6.25p. That is well below the previously published NAV, but there is uncertainty about the company’s investment in Fook Lam Moon, which could lead to a write-down of up to $29.1m. Even so, the share price would still be at a discount to net assets. The 2021 group accounts are required to be published by the end of June.

The interim management team of financial publisher and events organiser Bonhill (LON: BONH) has decided to sell what remains of its original core publishing business to focus on the InvestmentNews and Last Word operations. The business solutions and governance division, as these operations are now called, generated revenues of £2.4m and EBITDA of £400,000 last year. The division could be sold as a whole or in parts. Bonhill had £1m in the bank at the end of June 2022. There has been a 9% recovery in first half group revenues as live events start up again. The share price rose 4.35% to 6p.

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Market research services provider System1 Group (LON: SYS1) has decided to replace dividend payments with share buy backs and tender offers. It anticipates paying out between 30% and 40% of post-tax profit for the year to March 2023. There are also plans to return an additional £1.5m to shareholders via a tender offer that will be undertaken after the 2021-22 figures are published on 12 July. At the end of March 2022, net cash was £8.7m. The share price has risen 10.5% to 304p.

Argentina-focused oil and gas company Phoenix Global Resources (LON: PGR) says that it is in discussions with 84% shareholder Mercuria Energy Group concerning a cancellation of its AIM quotation and a cash offer to purchase shares from independent shareholders at 7.5p each. That is 25% ahead of the previous closing price. The share price has risen 9.2% to 6.55p. Five years ago the share price was ten times that level.

Healthcare and technology investor and adviser NetScientific (LON: NSCI) has raised £1.5m at 67p a share. The share price has slumped 8.8% back to the 67p placing price.

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